A simple way to control your finances

2019-04-09 Finance No comment

Is the month of money ending too much? Many people face the problem of insufficient funds before the next payday. This is usually because they didn't take the time to organize their income and expenses, and eventually wanted to know what happened to their money. There are some solutions that can help you control the financial situation that helped me over the years, and now I want to share these solutions with you so that you can easily learn to control your finances.

List your monthly bills

Monthly bills include rent, electricity, water, parliamentary and gas. These bills are usually the same every month. List all the bills you pay each month and the amount you pay for each bill. Now add these numbers together so you know the total amount of payments per month. If the bill is between two amounts, write down the higher amount. For example, if you pay £50 to £70 for electricity, then write down £70. You can find the amount by reading the bill or bank statement.

Some electric and gas companies allow you to choose to pay once a month. In this way, they can monitor the gas or electricity you use and adjust your monthly payments accordingly. If you use this option is good, you only need to add extra money when adding or subtracting direct debits. These companies don't mind if you use your petrol debt in the winter, because if you don't use heating, your payment will reduce debt during the summer.

Set up direct debit

Direct debit allows the company to get funds directly from your account when the bill expires. Once you know how many bills you need to pay each month, you can leave that amount in your account, or if you want to use a separate bill, transfer the entire amount to another account. The company will notify you of any additions so that you can adjust the amount you pay. If you are likely to choose to pay on the same day, if you pay monthly or nearly one day, this will be very useful if all your expenses are from the same account.

Note: These companies can only take out authorized content, so you don't have to worry about paying extra money. Since direct debit dates are weekends or bank holidays, there are times when they may pay 2-3 days in advance, so make sure your funds are deposited into your account in advance. Call the company you paid to set up a direct debit. In fact, you can save money by direct payment because you get a discount.

Multiple bank accounts

Your bank allows you to open multiple current or checking accounts that you can use for various purposes such as spending and billing. Use one of your accounts to calculate your monthly invoice and set up direct debits to deduct from this account. The total amount you need to pay the bill is transferred to the account once a month, and you know that the bill is listed in the current month. I suggest you add extra money to the total so you don't have to worry about overdraft. It's also a good idea to have a small overdraft on your account if you need it.

You can also use your account to meet your general consumer needs, such as groceries and fuel. I suggest that you transfer your salary to this account – so after the transfer, everything else is spent. You can also use this account as a savings account, leaving your funds there and only spending the money you need. Anything left on the payday can be classified as savings.

If you prefer, you can have a separate savings account that can be automatically transferred via regular orders or automatically through regular orders. Or you can manually transfer any of the rest of the last month. Always recommend saving some money if you need it. You never know when there will be an emergency or you need extra money. You can choose an amount that can be easily saved and treat it as a monthly bill.

Set budget

Sometimes we can use money too recklessly. Imagine taking the kids into the store and they start adding things to the basket. Imagine seeing what is offered, grabbing as much as possible, or picking up something you don't really need, but it's a bargain. After you've placed your bills, it's a good idea to set your own spending budget. For example, you may have only £400 left this month, so you can limit yourself to £100 a week. Before you start spending and using the rest of your trip, make sure you have what you really need.

You can save money by focusing on the most important purchases this week and buying certain items in bulk. Buying six packs of baked beans may be cheaper than buying six separate cans. If you like to drink, you can buy a few cans at home and reduce the time in the bar and bar. If you use public transportation, try purchasing a travel pass to save on the cost of paying the fare separately. Try to eat lunch to work. Basically, if you really don't need it, then don't buy it.

Paying debt

The longer you have a credit card or loan debt, the more interest you pay. If you have debt, there are ways to control them and save money.

  1. If you have more than one credit card, please consider balance transfer. By transferring all your credit card balances to a single credit card, you get lower interest rates and lower monthly payments, making it easier and faster to get paid.
  2. Use any savings to pay off your debts. This will save you interest payments and reduce debt faster. If you have extra money, try to get rid of them with smaller debts so you can get extra money for bigger debt.
  3. Consider the bank's consolidated loan. You can borrow enough money to pay off all other debts, just pay a one-month payment by direct debit. By reducing the amount of debt repayments to a loan, you will eventually receive additional funds each month.
  4. If you are unable to obtain a loan, please consider the Individual Voluntary Arrangement [IVA]. This will freeze interest on all your unsecured debts and you can pay the monthly amount for a period of five years. This does not apply to secured loans such as auto finance.

I hope this article will benefit you in some way. Over the years, I personally lost a lot of money through debt and reckless expenses, and I finally sorted myself out. I have no debt and money in the bank. I hope that you can achieve this too.

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